Registered No.. 03227575 Charity No: 1059451 MILLENNIUM POINT TRUST (A company limited by guarantec) CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 MILLENNIUM POINT TRUST (A company limited by guardntee) CONTENTS Paga Report of the Trustees Report of the Independent Auditor Consolidated Statement of Financial Activities 10 13 Consolidated 8alance Sheet 14 Company Balance Sheet 15 Con801idated Statement of Cash Flow8 16 Notes to the Flnanclal Statement• 1744 MILLENNIUM POINT TRUST IA company limited by guarantee) REPORT OF THE TRUSTEES for the year ended 31 March 2025 The trustees are pleased to present their report and finaneial statements for the year ended 31 March 2025. Reference and Administratlve Infonnatlon Charity Name Millennium Point Trust Company Registration Number 03227575 Charity Registration Number 1059451 Registered Office Millennium Point Curzon Street Birmingham B4 7XG Company Secretsry Gateley PIC One Eleven Edmund Street Birmingham B3 2HJ Auditors Cooper Parry Group Limited Slatutory Auditor Two Chambedain Square Birmingham B3 3AX Solicilors Gateley PIC Ona Elavan Edmund Street Birmingham 83 2HJ Banker8 Barclays Bank PLC 79-84 High St Birmingham B4 7TE MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 March 2025 Board of Trustees Members of the Board ofTruslees, who are directors for the purpose of company lav and trustees for the purpose of charity bw, who seryed during the year and up to the date of this report are set out below.. P. Burns, ointed on 21 November 2024 Professor H. Shah3 M. Kell Resi npd nn fi MArrJi 2025 H. Bates. (Resigned on 6 March 2025) S.To man Chairman L. Saunders, K. Cant Councillor L. Marsham. (Appointed on 12 November 2024 Councillor K. Mccarth L. Bin ham ointed on 9 June 2025 Resi ned 25 Marth 2025 Kste henson l . Appointed byTrustees and not eligibleto vote atAnnual General Meeting 2_ Appointed by Birmingham Ctycouncil and eligibletovote atAnnual General Meeting 3 _ Appointed by Birmingham City University and eligible to vote at Annual General Meeting - Appointed by Brmingham Chamber of Commerce and Industry and eluible lo vole at Annu81 General Meeting Executlve Team Abigail Vlahakls Chief ExecutlV8 Linda Degg Facilities Director Rebecca Delmore Commercial Director JJ Mian Finance Director Vanessa Currie Head of People. Learning and Development Structure, Governance and Management Company Structure Millennium Point Trust is a company, limited by guarantee, having no share capital. It was incorporated on 16 July 1996 and registered as a charFty on 26 November 1996. The charitable company was established under a Memorandum of Association which established its objects and powers, and it is govemed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. Millennium Point TrLJSt has three Founder Members, Birmingham City CounGil, Birmingham City University, and the Greater Birmingham Chamber of Commerce. The Greater Birmingham Chamber of Commerce resigned as Founder Member on 6 March 2025, leaving Bimiingham City Council and Birmingham City University as the two remaining Founder Members. Millcnnivm Point Trv?t hoo o wholly ownod ¢ubgidi3ry cornpany - hAillpnniiim Pnlnt PrnDP.rty Limited. which is charged with the operation of the building as a commercial landlord. events space, and the operation of the wider facility in meeting the project purpose of the Trust and its component tenants and commercial tenants. Governance and Management Millennium Point is governed by a Board of Trustees made up of individuals nominated by the members of the charitable company, as well as several independent trustees appointed by the trustee body. MILLENNIUM POINT TRUST IA company limited by guarantee REPORT OF THE TRUSTEES - contlnuèd forthe year ended 31 March 2025 Govemance and Management (contlnued) Millennium Point's subsidiary company, Millennium Point Property Limited, has its own Board, which, for the year under review. comprised three Independent Board directors and two directors nominated by the Trust Board. There is an Executive team in place which work across both Millennium Point Trust and Millennium Point Property Limited. A scheme of delegation is in place which governs the relationship between the Board and Ihe Executive team. This scheme of delegation sels out, amongsl other things, the level of financial.delegation and authorisalion pro¢e$ses regarding the sign•off of expenditure and the signing of contracts. The Board of Trustees meels three times a year to review a prtrcirculated agenda with supporting papers induding the financial performance of the charrtable company and its operating subsidiary. Acts'ons are noted from these meelings for subsequent follow up. The Executive Team attend all Board meetings and provide regular reports lo the Board on financial performance, risk management and progress against the strategic plan. The Board retains responsibility for all matters of finance including the approval of the annual financial statements. Audlt and Flnanco Commlttee The Audit and Finance Committee consists of the following individuals: Helen Bates Trustee nominated by Founder Member (Resigned on 6 March 2025) Kate Canty Independent trustee & Chairperson Mike Kelly Trustee nominated by Founder Member (Resigned on 6 March 2025) Truslee nominated by Founder Member (Appointed on 9 June 2025) Lee Bingham , Patrick Burn8 Independent trustee (Appointed on 13 June 2025) The Committee is authorised by the Board to investigate any activity wilhin its terms of reference., seek any information that it requires from any employee of the Trust andlor Millennium Point Property Limited and all such employees are directed to COThoperate with any request made by the Committee- obtain outside legal or independent professional advice and such advisors may attend meetings as necessary. Remuneratlon Commlttee The remuneration committee is set up to discuss and decide upon salary relaled matters including (bul not exclusive tol the pay increase for staff on an annual basis. The Head of People. Learning and Development would provide the committee wth a report recommending a percentage upltft (if applicable) and the committee would then decide on its implemenl8ti¢Jn. This committee decided on the pay increase for 2024125 to be 40/0 for all eligible employees. Recruitment and Appointment to Board of Trnstees Trustees are currently nominated either directly by rnember organisations to represent Ihem at meetings, or by existing trustees to augment the mix of skills represented on the Board. MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 March 2025 Trustee Induction and Tralnlng The Chief Executive and Head of People, Leaming and Development undertakes the induction of new trustees. New trustees are inlroduced to the Executive team and are presented with background information about the Trust as part of this process. Risk Management The Trust maintains a risk register which considers rM)tential risks both in tems of likely timing of events and their potential severity. The register outlines the actions being taken to mitigate against the risks identified, and to minimise or prevent their potential impact. The register is updated and discussed quarterly at trustee meetings. In addition, the crisis managemenl plan is kept up to date to ensure that there is adequate preparation for unllkely but significant events. The TTUSt is also in contact wf(h the local poli￿ to ensure that it is aware of any polentl81 Ihreats lo the City and can lake any necessary action to safeguard the general public and Millennium Point Property Limited employees. On a quarterly basis throughoul the year the risk register is monitored internally, the rlsk register is also discussed at both Audit and Finance meetings and periodic Board meetings. Below are somè of the top risks highlighted Ihrough this process: MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - continued forthe year ended 31 March 2025 Rick Cate Profitable Propety Company Risk Area Impact of Risk Risk Level Control Procedure Nel Rlsk Level Loss of income Building not desirable enough to attract new tenants when leases end. Building strategy, review tenancy structure and investment in the buildin Ability to meet obligations Charity Regulations Failure to meet charitable regulations could result in the removal of the businesses charitable status. GH External audit. compliance to charity commission relum, update of Articles of Association to include measures for dealing with conflicts of inlerest and correct governance structure. MEDIUM General Data Protection Act I'GDPR") breach Personal dats sent to incorrect recipient in error Breach could lead to a fine from the Information Commissioners GH All employees have received GDPR training. and a training plan is in place for individual training for each department. Internal procedure in place lo notify ICO within 72 hours. Data breach policy produced. All learning is shared. Organisation maintains a data breach log with actions taken. MEDIUM Office I"ICO'). Operational Failure lo protect IT and communication systems Cyber-attack, dala security, management information and business information integrity com romised. Loss of assets, loss of building. casualties or loss of life, loss of income and damaged reputation. GH IT partnership working, contract in place, training. Policy and process. MEDIUM Operational Failure to manage incidents and recover the business GH Emergency plans, competent staff, business intelligence, testing and practice. MEDIUM MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 Ma￿h 2025 Co-operatlon with Other Oryanlsatlons Operatsonally, the trust's trading arm Millennium Point Property Limited runs and operates the Millennium Point building, it ServI￿S and employs I contracts au staff on behalf of the trust as the parenl organisation. Two of the Trustees of Millennium Point Trust also seNe as a Director of MPPL. ReLqted parties indude Birmingham City Counci( Bimiingham City University,Greater Birmingham Chamber of Commer￿andThInk1ankthescienCemUseUrn as Binningharn City Council are the lease guarantors. Brmingham City Council is the freeholder of the land upon which the Millennium Point building is conslruded and provides long term kjan finance to the project and planning consents through the usual planning process. Birmingham City University and Thinktank are tenants of the buibjing paying rent and 5eTvice charge. Both Thinktank and Bimiingham Cty UnNersty vftre delivery partners during the year. Any conflicts of interest involving trustees from these organisations are declared where appropriate. Objectlves and Publlc 8eneflt Charltable Objects The objects of the charity, as set out in Ihe Memorandum and Articles of Associalion, are to advance education for the public benefit in particular, but not exdusively, in the industrial and technological processes which have shaped the modern world and will shape the future world. The charity operates from Millennium Point in Curzon Street, 8irmingham. Public Benellt General The trustees have relerred to the guidance contained in the Charity Commission's gen8ral guidancè on public benefit when reviewing the charitable company's aims and objectives and in planning future activities. In particular, the trustees have considered how planned actNlties contributes to the aims and objective5 sel. Whilst not limited to, the trust's primary outputs centre around the Millennium Point building including the need to fulfil its objective that 40 % of space viithin the building musl be used for the purposes of education. The trust continues to be well placed to deliver long term benefrt allied to its project purpose. The trust has been a catalyst for the development of Birmingham Eastside District and the Millennium Point building remains both an established and important anchor for further developments around it (including the Birmingham Conservatoire, Bimiingham City University campus and more longer term, the benefits brought by High Speed 2 and the construction of ils new city centre station). This is further enhanced via the visibility and profile of the trust as a key player in regional affairs. During the period, the work of the trust focused on providing favourable rents to 8 mlnimum of 409/0 of ils tenants fLJlfilling an educational purpose, supporting a number of organisalions aligned lo its charitable outputs in the delivery of projects via the trust's STEM grants process, the Millennium Point Scholarship and Ljsing ihe public spaces ol tne Miiiennium poini bulldlng foi a lange of ¢iGUv51iv> èjivuiid tli¢ promotion of •ciencc, technology. design, innovation and skills. MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THE TRUSTEES - contlnued forthe year ended 31 March 2025 Outputs In delivering its charitable objectives. the trust and its subsidiary provide favourably priced accommodation for ils component charitable tenants. This continued during the period with Birmingham Museums Trust and Birmingham City Universty's Faculty of Computing, Engineering and the Built Environment benefitting. During the year ended 31 March 2025, these tenancies accounted for 910/0 of the total lettings business of the Trust. The trust has approved charitable d￿atiOnS of £186k during 2024125 to several organisalions aligned to its objectives and prioTitie4J. The Trust is no longer a patron of the Greater Binningham Chambers of Commerce but remains as a member. Once again, we saw the successful delivery of another Millennium Point Scholarship. This will be the 11 th year of the Millenniurn Point Scholarship. Delivered in partnership with Birmingham City Universlty's {BCU) faculty of Computing, Engineering. and the Buitt Environment., the prize is awarded to one young person studying STEM themed course. Designed to encourage inclusivity and diversity of thought and opinion across science, technology, and associated sectors., the Prtte pays for the winner's tuition fees for three years of undergraduate study. Achlevements and Perfonnance The Millennium Point building is 89Q/o occupied. Millennium Point Trust IMPT) trading subsidiary, Millennium Point Property Limited IMPPLJ continued lo operate as Landlord to Thinktsnk science museum (Birningham Museums Trust), Birmingham City Universily (Faculty of Computing, Engineering, and the Built Environment). STEAMHouse (Birmingham Crty Universily), Coffee Break (previously known as Mullino Café), The Ladder Bimingham, CSR Scienlific Training, Marshall Assessments, Dudley Academy Trust. and Mace Dragados. Over the years, MPPL has also developed an events and engagement oifer to brlng In addltlon Ir) ils parent charitable company. Of this total, some will be used to meet liabilities of the Trust company and the trustees will set aside the remainder in a designated fund out of which future charitable donations will be made. Prlnclpal Fundlng Sources The principal funding sources of the year are shown in Ihe table below.. 2025 £'ooo 2024 £'ooo Commercial lettings and other income Investment income Concessionary lettings to charities 7,575 348 1,643 6,532 332 1,603 Investment pollcy The Group maintains bank aGcounts with Barclays Bank plc and seeks to maintain 811 current accounts in credit. Vvhere surplus funds 8re available these are placed on 24 hour deposit or on longer term call deposit with Barclays Bank plc and wth Nationwide. Reserves policy The trustees have considered and agreed reserves policies for the companies within the Millennium Point Group, to ensure that funds are available to support the charitable objects of the Trust and the future MILLENNIUM POINT TRUST (A company limited by guarantee) REPORT OF THETRUSTEES - continued forthe year ended 31 March 2025 Reserves pollcy (contlnued) development of Millennium Point. In considering an appropriate level for reserves the trustees have considered the future anticipated income and expenditure for the companies and the risks associated with those. The Board has agreed that annual gift aid donations from Millennium Prynt Property Limited, considering the past property va￿atIOns, wll be subject to board approval and will be capped at a maxirnum of S￿10 of profits. These donations wll be subject to k)ng temi cash flow projections. The Memorandum and Articles of Association do not permit the payment of a dividend. Statement of trustees. respon8lbilities The trustees {who are also the directors of Millennium Point Trust for the purposes of company law) are responsible for preparing the Report of the Trustees (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resaurces and application of resources. including the inoome and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to. select suitable accounting policies and then apply them consistently observe the methods and principles in the Charities SORP 2015 IFRS1 D2). makejudgments and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any materBI departures disclosed and explained in the financial statements," and prepare the financial statements on the going con￿rn basis unless it is inappropriate lo presume that the Gharitable company will continue li business. The trustees are responsible for keeping adequate accounting records Ih8t disdose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial stalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets oflhe charlable company and the group and hencefortaking reasonable steps forthe prevention and detecti)n of fraud and other i￿egUL8r1ies. In so far as the trustees arè aware= there is no relevant audit inforfflation of which the charitable company's auditors are unaware.. and the trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish thal the auditors are aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial informalion Included on the charitable company's websile. Legislation in the United Kingdom goveming the preparation 8nd dissemination of the financial statements may differ from legislation in other jurisdiction5. rt was approved by the board on 15 Juty 2025 and signed on its behalf. This rep Mccarthy Co-chairnian MILLENNIUM POINT TRUST (A company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEEES OF MILLENNIUM POINT TRUST Oplnlon We have audited the financial statements of Millennium Point Trust (the 'parent charitable company,) and its subsidiary (the 'group'l for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Ihe ConsoSidated Balance Sheet, the Charitable Company Balan￿ Sheet, the Consolidated Slatement of Cash Flows and notes to the financial stalements, induding a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanual Reporting Standard applicable in th8 UK 2nd Republic of Irèland11 Inilp.d Kingdom Gener￿lY Accepted Accounting prad1￿). In our opinion the financial statements: give a true and fair view of Ihe stale of the group's and parent charilable company's affairs as at 31 March 2025, and of the group's incoming resource5 and application of resources, including its income and expenditure, for the year then ended., have been property prepared in accordance with United Kin9doffl Generally Accepted Arxounting Pr8CtIc8,' and have been prepared in accordance with the requiremenls of the Companies Act 2008. 8a818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK>) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have conduded that the trnstees, use of the going concern basis of accounting in the preparation of the finanual statements is appropriate. Based on the work we have perfomied. we h8ve rK)t identrfied any materi81 uncertainties relating to events or conditions that, individually or collectively, may cast significanl doubt on the group's or parenl charitable company's ability lo continue as a going concern for a period of at least 12 months from when the financial statements ar8 aulhorised for issue. Our responsibilities and the responsibilities of the trustees V￿th respeci to going concern are described in the relevant sectsons of this report. Other Infomiatlon The Irustees are responsible for the other infomation. The other infomation comprises the information included in the truslees, annual report, other than the financial statements and our auditols report thereon. Our opinion on the finanrial statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance condusion Ihereon. Iii wiii irblivi i Yrfitli our audtt of the finonG5al statcmcnt?, aur rcoponGibilty ie to r•ad th• oth•r infornigtion #nr4 in doing so, consider whether the other informalion is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material inconsistencies or apparent material misstalements. we are required to determine whether there is a material misstatement in the finanual statements or a material misstatement of the other information. If, based on the work we have perfornied, we condude Ihat there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 10 MILLENNIUM POINT TRUST (A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF MILLENNIUM POINT TRUST- continued Oplnlons on other matters pre3crlbed by the Companles Act 2006 In our opinion. based on the work'undertaken in the course of the audit.. the information given in the TTUStees' Annual Report for the financial year for vthich the financial statements are prepared is consistent with the financial statements- and the Trustees, Annual Report has been prepared in accordance with applicable legal requiremenls. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identif￿d material misstatements in the Trustees. Annual ReporL We have nothing to report in respect of the following matters in relation to which the Companies Act 2fy)6 requires us to report to you If, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial statements are not in agreement with the accounting records and returns,, or certain disdosures of Iruslees, remuneralion specified by law are nol made., or we have not Teceived all the informats'on and explanations we require for our audit. R88ponsibllltles of truste As explained more fully in the Statement of Trustees. Responsibilities set out on page 8, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease op8rations, or have no realistlc alternative but to do so. AudltoVs respon8lbilltl￿ forthe audlt of the financlal statsment• Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whelher due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in 8ccordance with ISAS (UK) will always detect a malerial misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatemenls in respect of irregularities, including fraud. The specific Procedures for this engagement and the extent lo which these are capable of detecting irregularities, including fraud is detailed below.. Our assessment focussed on key laws and regulations the group and the parent charitable company ha5 to comply th and areas of the financial slalements we assessed as being more susceptible to misstalemenl. These key laws and regulations included but were not limited lo compliance with the Companies Act 2006, Charities Act 2011, Charities (Protection and Social Investment) Act 2016, taxation legislation, data protection, anti-bribery and employment legislation. MILLENNIUM POINT TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF MILLENNIUM POINT TRUST- contlnued Auditor's responslbllltle8 for the audlt of the financlal statements We are nat responsible for preventing I￿egularities. Our approach to detecling irregularities included, but Was not limited to, the following.. obtaining an understanding of the legal and regulatory framework applicable to the group and parent charitable company and how the group and the parent charitable company is complying with that framework, including ag￿ement of finanaal ststement disdosures to underlying documentalion and other eviden￿. obtaining an understanding of the group and the parent charitable company s control environment and how the group and the parent charitable company has applied relevanl control procedures, through discussions wilh TTUStees and other management and by performing walklhrough lesting over key areas., obtaining an understanding of the group and Ihe parent thantable company's nsk assessment process, induding the risk of fraud., reviewing meeting minutes of those charged with govemance throughout the y8ar', and performing audit testing to address the risk of management overridè of controls, including testing journal entries and other adjustments for approprialeness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherenlly more difficult lo delect than those arising from error. Because of the inherent limilations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatemenl in the finanaal statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial slatements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as traud Involves Intentlonal concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities Is available on the Financial Reporting Council's website at.. W414W.frc.org.uklauditorsresponsibiSities. This description foms part of our auditor's report. Use of our report This report is made solely lo the charitable company's members, 8$ a body, in accordance wsth Ch8pler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company's members those matters we are required to state lo them in an auditorf5 report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charilable company and the charitable company's members as a body, for our audit work, for this report. or for the opinions we have formed. Glen Bott FCA Senior Statutory Auditor for and on behalf of.. cooptt< VAP(KY (JRQUP LIMITED Statutory Auditor Two Chamberlain Square Birmingham B3 3AX Date. 15 July 2025 12 MILLENNIUM POINT TRUST IA company limited by guarantee} CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) for the y￿r ended 31 March 2025 2025 Total Funds £'ooo 2024 Total Funds £'ooo Unrestricted Restrlcted Funds Funds £'ooo £'ooo Note Income from.. Donations and legacies Investments Interest Commercial lettings and other income Charitable 8Ctivities Concessionary lettings 348 7,575 348 7,575 332 6,532 1,643 1,643 1,603 Totsl income 9,574 9,574 8,468 Expendlture on: Raising funds Interest and other finance costs Commercial lettings 8nd other expenditure Ch8ri18bl8 activities Costs of concessionary lettings 5.10 10 371 3,352 371 3,352 371 3,098 10 4,244 4.244 3,883 Grants and donations 7,10 186 145 Governance costs 10 216 216 218 Total expendlture 8,369 8,369 7,715 {Los5) I gain on revaluation of Investm8nt Property (630) 13 (5,545) (5,545) Net movement In funds for the year (4.340) (4,340) 123 Reconclllatlon of funds Fund balance# at the 8tart of the year 42,802 42,802 42,879 Fund balances at the end of the year 17a 38,462 38,462 42,802 There were no recognised gains or losses for 2025 or 2024 other than those included in the Statement of Financlal Activities. All income and expenditure relates to continuing activities and there is no difference between Ihe reported result and that on a historical cost basis. The charity has taken advantage of sedion 408 of the Companies Act 2006 to not publish its ¢Jwn Slatement of Financial Activities. The notes on pages 17 to 34 fo￿ an integral part of these accounts. 13 MILLENNIUM POINT TRUST IA company limited by guarantee) REGISTERED NUMBER - 03227575 CONSOLIDATED BALANCE SHEET as at 31 March 2025 Note 2025 £'ooo 2024 £'ooo £'ooo £'ooo Fixed assets Tangible fixed assets Inveslment property 654 41,385 386 46,930 13 42.039 47,316 Current assets Stock Deblors due within one year Cash at bank and in hand 16 1,369 9,612 12 1,379 8,499 14 10,997 9,890 Credltor8.' amounts falling due within one year 15 {3,992) (2,8221 Net current a8•ets 7,005 7,068 Total a83et8 les• current IlabllStle8 49,044 54,384 Creditors: amounts falling due after more than one year Net a888ts 16 (10,582) (11,582) 38,462 42,802 Funds Uiii¥¥li iLl¢d income fLsnd•'. General income funds Non-ch8ritable trading funds 17(a) 17(a) 38,316 232 42,570 Total unrestricted income funds 38,462 42,802 Total charftable fund8 38,462 42,802 The consolidated financial statements V￿re approved and aLthorised for issue by the Board and were signed on its behalf n 15 July 2025 ccarthy Chairnian The notes on pages 17 to 34 fomi an integral part of these accounts. 14 MILLENNIUM POINT TRUST (A Company limited by guarantee) REGISTERED NUMBER- 03227S75 COMPANY BALANCE SHEET as at 31 March 2025 Note 2025 £'ooo £'ooo 2024 £'ooo £'ooo Current assets Debtors Cash at bank and in hand 14 383 411 383 414 Creditor•'. amounts falling due within one year 15 <237) 1182) Net current a88ets 148 232 Net asJat8 146 232 Funds Unrestricted income fijnds.. General income funds 17(b) 146 232 146 232 Total charitable fund8 The financial statements were approved and authorised for issue by the Board of Trustees and were signed on its behalf onJ5 July 2025. n Mccarthy Chairnian The notes on pages 17 to 34 Tm an integral part of these accounts. 15 MILLENNIUM POINT TRUST (A company limited by guarantee) CONSOLIDATED STATEMENT OF CASHFLOWS for the year ended 31 March 2025 Reconciliation of net incominglloutgolng) resources to net cash Inflow from operating activlties 2025 Eooo 2024 £'ooo Nots Net incomingl{outgoing) resources (per statement of financial activities) Depreciation Loss on revaluation of investment property Inleresl receivable Interest payable Dècre2sel(incre3se) in dèbtors Decrease in creditors Increase in stock (4,3401 183 5,545 1348) 371 10 170 4) 123 161 630 <332) 371 1529) 1811 13 14 15 Net cash flow from operating activltles 1,587 343 Interest pald Interest receivèd (371) 348 (3711 332 Net cash flow from flnanclng actlvltle• (23) (39) Payments to acquire tangible fixed assets Payments relating lo investment property improvements {451) (323) 13 Net cash flow from Investing activitles 1451) {323) Net Increase In cash and cash equlvalents 1.113 (191 Ca•h and cash equlvalents at 31 March 2024 8,499 8,518 Cash and ca8h equlvalents at 31 March 2025 9,812 8,499 Cash and cash equlvalents consists of: Cash at bank and in hand 9.612 8,499 Analys1• of change8 In net debt At 1 Aprll 2024 £'ooo Cash Non cash flow* movement £'ooo £'ooo At 31 March 2025 £'ooo Cash and cash equlvalgnts as Borrowings Debt due within one year Debt due after more than one year g.olz {1,000} 11,0001 111,582) 1.000 {10.5821 Totsl 16 MILLENNIUM POINT TRUST (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 Summary of slgnlflcant accounting pollclos (a) General informatlon and basis of preparation Millennium Point Trust is a private charitable company incoTporated and domiciled in the Uniled Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to advance p.diirAlir)n fnr the public benefft in particular, bLrt not exdusively, in the induslrial and technological processes which have shaFed the modem world and will shape the future world. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Ch8rilies'. Statement of Recommended Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 8nd UK Generally Accepted Practice. The financial statements are prepared on a going concem basis under the historic81 cost convention, modified to include certain items al fair value. The financial slalemenls are prepared in sterling which is the functional currency of the charity and rounded to the nearest thousand pound5. The significant accounting policies applied in the preparation of these financial stalemen15 are sel out below. These policies have been consislently applied to all years presented unless otherwse s18ted. {b) Funds Unrestricted funds are available for use at the discretion of the trustees in fvrtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestrided funds that have been set aside by the Iruslees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes to the financial statements. 17 MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 Summary of slgnifi¢ant accountlng policles- continued Ic) Incorne recognition All incoming resources are included in the Statement of Finanaal Activities (SOFA) when the charity is legally entilled to the income after any performance conditions have been met. the amount can be measured reliably and tt is probable that the income will be received. Far donationq lrt hp. rpe.ognised the charity will have been notified of the amounts and Ihe settlement date in writing. If there are conditions attached lo the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fvlly met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. No amount is included in the financial statements for volunteer lime in line with the SORP 42,802 171bl Company fund8- CURRENT YEAR Unre•trlcted funds £'ooo Total £'ooo At 1 April 2024 Incoming resources Outgoing resources 232 426 (512) 232 426 {512) At 31 March 2025 148 146 Company funds- PRIOR YEAR Unrestrlcted funds £'ooo Total £'ooo At 1 April 2023 Incoming resources Outgoing resources 313 404 (485) 313 404 (4851 Al 31 March 2024 232 232 31 MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - contlnued for the year ended 31 March 2025 18 Analysis of group net assets between fund8 - CURRENT YEAR Fixed assets Investment property £'ooo Net current assets £'ooo Long tenn liabilities £'ooo Total £'ooo £'ooo Unrestricted Funds Geiieral fuiids Non-charitable trading 148 6,859 146 38,316 654 41,385 (10,582) 654 41,385 7,(YJ5 (10,582) 38,462 Analys18 of group net assets between funds- PRIOR YEAR Flxed o$sets Invastment property £'ooo Net currnnt a89ets £'ooo Long temi Ilabllltle8 £'ooo Total £'ooo £'ooo Unrestrlcted Funds General funds Non-charitable trading 232 6,836 232 42,570 46,930 (11,582) 48,930 7,068 (11,582) 42,802 19 Taxation As a tharilable company, Millennium Point Trust is exempi from tax on income and gains falling within Section 478 of the Taxes Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No lax charges have arisen within the charitable company. 20 Financial cornmltments Value Added Tax As a result of group registration arrangements for value added tax (VATI, the charitable company is jointly and severally liable together with other members of the group, for any VAT due by the repre5enlatlv8 mernber of the group. 32 MILLENNIUM POINT TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2025 21 Commltrnents under operatlng leases Operating leases as a lessee At 31 March 2025 the group had future minimum lease payments under non-cancellable operaling leases as follows.. 2025 £'ooo 2024 É'ooo Not later than 1 year Later than 1 year and not later than 5 years 10 14 19 19 33 Oper8ting leases 88 a lessor At 31 March 2025 the group had future minimum lease receipts under n&￿-canCelIabl& operating leases as follows: 2025 £'ooo 2024 £'ooo Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 2,147 8,173 795,569 2,158 8,531 797,195 805,899 807,884 22 Trdn8actlon• wlth related partle• A number of the directors of Millennium Point Property Limited and members of its parent company, Millennium Point Trust, have interests in organisations which have provided services to the company in the period. The directors of Millennium Point Property Limited have considered the disclosure requirements of Financial Reporting Standard 102, sedion 33, and consider that the transactions requiring disclosure are as follows.. BirTningham City Council. a member of Millennium PointTrust, made loans to the company during 2005106 of £16,375,000. Capital repayments in the year amounted to £Nil (2024.. £Nil) and al the year end the capital balance outstanding on this loan was £11,582,24812024'. £11,582,248). During the year interest of £370,63212024.' £370,632) was charged of which £nil (2024.. £nill remains outstanding al the year end. During the year the company also received incorne of£589,586 (2024. £578,035) as compensation for loss of car park income, and paid expenditure amounting to £34,61812024.' £59,949} for services received. At the year-end an amount of £176,87612024.' £Nil) was due from Bimiingham Cty Council. Flim7inoh57m e.ity I Inivp.r8ity ig A member of Millennium Point Trust. During the vear, charqes lotallinq £2,251,454 (2024.. £3,006,232) were made by the company in respect of rent, service charges and other rechargeable costs on an arm's length basis. Millennium Point Property Limited paid expenditure amounting to £19,185 {2024'. £14,801) for services received. At the year-end an amount of £56,45412024: £314,416) was due from Birmingham Cty University. 33 MILLENNIUM POINT TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS - continuad for the year onded 31 March 2025 22 Trdnsactlons wlth related parties- contlnued Birmingham Chamber of Commerce and Industry is a member of Millennium Point Trust. During the year, Millennium Point Property Liffliled paid £3,30012024.' £14.0401 to Birmingham Chamber ofcommerce and Industry in respect of patronage and membership fees, sponsorship and advertising fees. Income of £Nil (2024.. £1,190) was also received. At the year-end an amount of £Nil 12024.. £498) was due from Bimiingham Chambers of Commerce and Industy. Catherine Ganly is a Chairmdri of Lliv Fuiw¢iftJ ELIuc4ltioii Trust, Catherine is also the Chairman tsf th¢ Audit & Finan￿ Committee at Millennium Point. During the year. the company paid £1,70010 Forward Education Trust as a donation, and received £264 from Fo￿ard Education Trust for attending Trust Board meeting. At the year-end an amount of £Nil (2024- £Nill was due from Fo￿ard Education Trust. During the year the group receiving income of £2.488 (2024.. £2,427) from St. Basils for an event. This organisation is related as H.E Bales is a non-executive director at St. Basils. At the year end an amount of £Nil (2024.. £Nil) was due from St Basils. 23 Member8 The charity is incorporaled as a company limited by guaranlèe having no share capital and, in accordance with the Memorandum of Association, every member is liable to contribute a sum of £1 in the event of the company being wound up. Al 31 March 2025, Ihere were 4 members12024'. 4 members). 24 Servlce charge actlvltles Included within the Group's cash al bank and in hand of £9,612k12024'. £8,499k) ar& balances of £390k (2024.. £580k) in respect of service charge accounts. These balances are held on trust by the group for the tenants of Millennium Point. 25 Pension Commitments The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contnbutions pay8ble by the Company to the fund and amounted to £89k 12024.. £82k). Contributions totalling £8k12024.' £7k) were payable to the fund at Ihe balance sheet date. 26 Capltal Commltments As at the year end, the Group had no capiial commitments {2024.' £73k). 27 Post balance sheet events Subsequent to the year end, the Group has signed a contract for the Commercial Kitchen, for £670k. 34